Egypt & UAE Sign Key Deals for New Industrial Zone & Power Plants

The Egyptian government has recently signed a series of agreements with the UAE to bolster collaboration in industrial development and renewable energy.

The Suez Canal Economic Zone Authority (SCZone) formalized a memorandum of understanding (MoU) with Abu Dhabi’s AD Ports Group to establish and manage a 20-square-kilometer industrial zone in East Port Said. The new zone is envisioned as a world-class industrial hub, focusing on advanced manufacturing and renewable energy. 

In a parallel development, Egypt's Industrial Modernization Centre signed an MoU with Global South Utilities and Enercap to establish a facility for manufacturing energy storage batteries. The Ministry of Electricity and Renewable Energy also inked two agreements with a consortium made up of the UAE's Masdar, Infinity, and Hassan Allam Corporation to implement 1.2 gigawatts of solar energy projects under the Build-Own-Operate (BOO) model.

Further cementing their partnership, two additional MoUs were signed between the Future Egypt for Sustainable Development Authority and Masdar to develop large-scale solar energy projects. These include a 5-gigawatt floating solar power plant in Lake Nasser and a 2.8-gigawatt project in Nagaa Hammadi.

The signing ceremony was attended by Prime Minister Moustafa Madbouly, Minister of Industry and Transport Kamel El-Wazir, and UAE Minister of Industry and Advanced Technology Sultan Al Jaber.